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January 14, 2020

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Shanghai new home sales continue streak

By Cao Qian | 00:05 UTC+8 January 14, 2020 | Print Edition

Shanghai’s new home sales market strengthened for a third consecutive week with increases in both transaction area and average price.

The total area of new residential properties sold, excluding government-funded affordable housing, rose 12.7 percent to around 195,000 square meters last week, Shanghai Centaline Property Consultants Co said yesterday.

Outlying areas continued to register vibrant sales, with several reaching above the 20,000-square-meter mark. Fengxian District outperformed again with transactions exceeding 30,000 square meters. Jiading District followed closely after selling some 29,000 square meters of new homes.

“Products in almost all price brackets recorded pretty good sales last week, with four projects securing over 100 units each in sales, indicating quite upbeat momentum in the market,” said Lu Wenxi, Centaline’s senior research manager.

“Ample new supply helped fend off traditional sluggish sentiment among buyers in January, which is a typical slow season for property sales.”

The average price of a new home, meanwhile, climbed 7.4 percent from the previous week to 54,439 yuan (US$7,869) per square meter.

Half of last week’s 10 best-selling developments cost over 50,000 yuan per square meter, with the most expensive bearing a price tag of over 100,000 yuan per square meter.

Citywide, one housing development in Jiading emerged as the most popular project after unloading 19,780 square meters, or 202 units, of new homes at an average cost of 53,355 yuan per square meter.

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